Fall 2018

Scott Miller believes in the long-term potential of Etsy due to its unique marketplace for handmade and vintage items, which differentiates it from other e-commerce platforms.

Scott Miller sees value in TripAdvisor as it continues to be a leading platform for travel-related content and bookings, despite challenges in the travel industry.

Scott Miller is optimistic about Schein Vineyards due to its potential for growth in the premium wine market, leveraging quality and brand recognition.

Scott Miller believes Stellantis has a strong future due to its diversified portfolio of brands and focus on electric vehicles, positioning it well for industry shifts.

Steve Tusa has maintained a bearish stance on GE, citing fundamental issues within the company and its management practices that have led to significant stock declines.

Qorvo is a semiconductor company that is well-positioned to benefit from the growing demand for 5G technology and IoT applications. The company's strong product portfolio and market leadership in RF solutions make it a c…

Qorvo Inc. represents an attractive investment opportunity in the semiconductor sector due to its unique position in RF technologies and operational tailwinds that should drive increased profitability and cash flow over …

We bought Google in 2012 at a very attractive valuation of around 9-10x forward EV to EBITDA and 12-13x forward earnings. It was compounding its value at over 20%, and we believe it continues to compound its intrinsic va…

We bought shares in Cisco around 2011-2012 when it was trading at roughly 10x earnings with over $40 billion in cash on its balance sheet. Despite slower growth, we believed we were getting significant value at that pric…

We recently bought shares in Baidu, often referred to as the Chinese Google, as part of our strategy to invest in undervalued technology companies with growth potential.

We also recently bought shares in Sina, which owns a controlling interest in Weibo, one of China's most popular social media platforms, as part of our investment strategy in undervalued Chinese technology companies.

Baidu is trading at an attractive valuation with a strong runway for future growth, particularly in the advertising sector, which is growing at a double-digit rate in China. The company has high returns on capital and is…

AutoZone has demonstrated stable and defensive business characteristics, with intrinsic value growing by 16% per annum over the past 11 years. The company has high returns on assets and invested capital, and it effective…

AutoZone's stock price fell significantly due to concerns about competition from Amazon, but the company's fundamentals remain strong. With the stock trading in the low $500s, it was undervalued at 9.5x EBIT and 12x earn…

AmerisourceBergen is a pharmaceutical distributor that could face challenges due to Amazon's entry into the healthcare space, particularly in drug distribution. However, the company has a strong position in the market an…

Similar to AmerisourceBergen, McKesson is a major player in pharmaceutical distribution that may be impacted by Amazon's disruption in the industry. Despite this, McKesson's established market presence and relationships …

Cardinal Health, like its peers, faces potential threats from Amazon's entry into the pharmaceutical distribution market. However, its existing business model and customer relationships may help it navigate these challen…

WPP trades at just over 9x earnings with a 5% dividend yield and an almost infinite return on capital (excluding goodwill). Despite current headwinds in the advertising industry, the financial characteristics of WPP are …

Unilever has durable competitive advantages that allow it to compound its underlying intrinsic values at an attractive and predictable rate, making it a semi-permanent holding for the investor.

Nestlé is considered a semi-permanent holding due to its durable competitive advantages and ability to compound intrinsic values at an attractive rate, providing exposure to faster growing parts of the world.

Heineken has been a long-term holding for the investor, benefiting from durable competitive advantages that allow for predictable growth in intrinsic value.

JD.com is currently undervalued, trading at only 5x owner’s earnings while its core retail and advertising business deserves to trade at higher multiples. The company has a strong logistics network and is positioned to c…

Despite recent concerns over key man risk due to the potential conviction of Mr. Liu, we believe that the $10 billion loss in market cap has already factored in this risk. Furthermore, even if JD loses Mr. Liu, the compa…

Etsy has a very attractive, niche business that can grow many multiples of where it is today. The company's decision to raise its commission fee from 3% to 5% is expected to significantly increase revenue without a corre…

TripAdvisor only monetizes around 1% of their traffic, but they are working hard to increase bookings directly on their site. If they can improve the monetization of their existing traffic, the investment is likely to wo…

Fiat Chrysler is focusing on higher margin vehicles by reducing low margin fleet business and aligning with customer preferences. The core business is valued attractively at less than 3x earnings excluding net industrial…

Scheid Vineyards is a growing sum-of-the-parts story where the land value is worth twice the share price. The company is transitioning from selling grapes to selling its own branded products, which could significantly en…

Yelp has an ongoing opportunity to increase both the number of advertisers and the lifetime value of those advertisers by offering more flexible advertising contracts. This shift in strategy is expected to drive growth a…

SharpSpring is acquiring customers at a fraction of their lifetime value, indicating a strong ROI on marketing. The company’s strategy to focus on customer acquisition, despite poor traditional value metrics, suggests si…